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Retiring from ECU

Retiring from ECU

Planning for retirement means different things for each one of us. It’s a key life transition point as it signifies a change in the way we define ourselves. When we retire, it should be a celebration of our working lives and recognition of our career achievements. A well-planned retirement is key to this.

Whether you’re considering retirement in the next 12 months or not for another five years, having all the information you need will help you make informed decisions. As a starting point, download the So You’re Thinking About Retirement checklist. This provides you with a range of factors to consider as well as handy links to relevant websites.

When you’re ready, make the time to discuss your options with your line manager or HR Business Partner. as they will be able to work with you to determine some possible options.

If you are a supervisor or manager who has a staff member considering retirement, ECU is committed to providing staff a degree of flexibility in how they approach their retirement. Options such as pre-retirement contracts enable ongoing staff to accommodate their changing priorities as they approach retirement. These arrangements can assist schools and service centres to undertake succession and workforce planning. The timeframes available ensure critical teaching, research, and valuable knowledge transfer can occur well before a staff member retires. Staff who are considering retirement but do not enter a pre-retirement contract will still need support in considering appropriate timeframes for their retirement.

Superannuation

If you're contemplating a retirement or a pre-retirement contract it is important to review your superannuation along with other financial and taxation arrangements.

For information on your UniSuper account, make an appointment with your super consultant by booking an appointment online.

Making the most of retirement

Just because you are retiring does not mean you have stop being part of ECU. You can stay connected and keep up-to-date on the latest ECU news in retirement through ECU Alumni. There is also the opportunity to be invited to special events from time to time. Please email alumni@ecu.edu.au for further information or register your interest.

If you are an academic, the University recognises that you may want to continue contributing more directly to ECU in your retirement. Reflect on those parts of your role that you found most rewarding and discuss the possibilities with your line manager. There may be an opportunity to keep contributing in an honorary capacity once you’ve retired. This could include:

  • mentoring early career researchers,
  • supervising students, or
  • continuing research activity.

Office accommodation, equipment and resource requirements may be negotiated as part of an honorary appointment. Further details are provided in Appointment – Emeritus Professor, Honorary, Adjunct & Visiting Academic Staff guidelines and can be discussed with your line manager/supervisor in the lead up to your retirement.

Pre-Retirement Contracts

Pre-retirement contracts are an option that can be explored by staff with an ongoing contract. A pre-retirement contract is a fixed term contract negotiated with staff transitioning into retirement by either reducing their FTE or working part of the year. The contracts are designed to incorporate variations to current working arrangements to suit the preferences of individual staff while providing a degree of continuity for the work area. The various options available to staff are outlined in the Guide to Pre-Retirement. Pre-retirement contracts are not an entitlement and the University is not obliged to offer or approve requests.

Once negotiated and agreed, the fixed-term contract including variations to working arrangements, will supersede ongoing contract/s of employment and will include a specified term with employment ending, and therefore retirement from ECU at the contract expiry date.

Note that as you will be relinquishing your ongoing status, severance or redundancy provisions do not apply once the pre-retirement contract is signed.

If you are an ongoing staff member with at least a 0.5 FTE, and approaching an age at which you can access your superannuation funds (generally referred to as ‘preservation age’), then you can consider discussing a Pre-Retirement contract with either your line manager or your HR Business Partner. Approved Pre-Retirement contracts should ideally incorporate your preferences without disrupting the operational needs of your work area.

Download the ‘Pre-retirement Workflow’ to see the steps involved in negotiating a Pre-Retirement contract as well as reviewing the ‘Guide to Pre-Retirement’.

A staff member or a manager may start discussions about pre-retirement arrangements. These discussions should consider the various options available. If the terms of a pre-retirement arrangement are agreed, a Pre-Retirement Contract form detailing the arrangement will need to be completed and approved before forwarding to HR Services. A formal Pre-Retirement Contract, replacing your ongoing employment contract, will be issued to you. Acceptance of the fixed-term contract will formalise the arrangement.

Moving to a pre-retirement contract is a change in your employment status from ongoing to fixed-term

  • Pre-retirement contracts are usually for a period of 1 to 3 years given the budgeting, succession and workforce planning put in place to support them. Extensions are only offered by the University in limited circumstances and a total contract period cannot extend beyond 5 years.
  • You need to seek independent superannuation and financial advice based on your personal circumstances before committing to a pre-retirement contract as there are implications depending on the type of superannuation fund and product you have (i.e. Defined Benefit Plan vs Accumulation Plan).
  • If you reduce your fraction, the University will continue to pay the employer superannuation contribution at the pre-conversion rate over the period of the pre-retirement contract
  • You may elect to continue paying pre-tax employee superannuation contributions over the period of the contract - something to discuss with your financial planner
  • In some circumstances, work arrangements may vary or refocus your current work activities (e.g. teaching, research or specific projects) as part of any pre-retirement contract
  • You will still need to participate in the Management for Performance System (MPS) with your performance goals aligning with your school’s/service centre’s operation plan as well as your retirement plans
  • You may defer taking all or part of your long service leave entitlement during your pre-retirement contract - leave arrangements may be something you want to include in your pre-retirement discussions

Agreeing to an ongoing staff member converting to a pre-retirement contract needs to be mutually beneficial, meet the operational needs of the work area and be financially sustainable. Pre-retirement contracts are usually for a fixed-term of 1 to 3 years (though can be for 5 years in limited circumstances), and approved by the delegated University authority (i.e. Relevant Line Executive).

  • The length of the pre-retirement contract offered needs to be informed by workforce and succession plans – your HR Business Partner will assist you to review these
  • Current work activities may need to be varied to accommodate proposed arrangements- there may be impact on responsibilities, operational plans or risk management/business continuity plans
  • Employees on pre-retirement contracts are still expected to participate in the Management for Performance System (MPS) with performance goals aligning with operational plans
  • Funding to maintain the employer superannuation contribution at the employee’s pre-conversion rate over the contract period is by the school or service centre - no additional central funding is available
  • Pre-retirement contracts may only be extended at the University’s initiative, by the delegated authority, and in exceptional circumstances with the total period not exceeding 5 years. Any extension is to be agreed 6 months before the expiry of the initial contract.

Whilst pre-retirement contracts provide a level of certainty around the retirement plans for individual employees and their school or service centre, it may not always be possible to offer or approve all requests.

Some possible alternatives to consider and discuss with either your line manager or HR Business partner include:

  • flexible work arrangements to enable work activities to be varied or refocussed
  • use of leave (e.g. annual leave, long service leave, unpaid leave, or purchased leave) to support retirement transition plans
  • mentoring and coaching arrangements to pass on knowledge and expertise to other staff
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